Ah yes, entrepreneurs. They’re the catalysts of business, especially in times of economic strife, such as the Great Depression in the U.S. It’s said that during that time more small businesses were started than ever. After all, taking a leap of faith is one of the many entrepreneur characteristics that’s needed if you want to work for yourself. And let’s face it; working for yourself gives you a better sense of security than working for someone else. Some may tell you that security is an illusion, but when you’re an entrepreneur, it’s on your terms.
Keep reading to learn about entrepreneur characteristics and why it may be time for you to strike out on your own or at least put a plan into motion so that you can one day quit your day job before your company is bought, lays you off, or folds completely due to poor leadership and management.
What You Need to Know about Entrepreneur Characteristics
If you work in HR , the worst thing you can possibly do for your company is hire entrepreneurs. Why? Because they’re not normal employees. They’re not “Yes Men” or “Yes Women” because it’s not in their DNA to stroke someone’s ego. If entrepreneurs don’t believe in an idea or have a better one, you’ll hear about it. And let’s face it: most people have huge egos and can’t handle someone telling them their idea may not work. With this in mind, let’s explore further the characteristics of entrepreneurs.
Ambitious and Self-Confident
You may mistake this for arrogance, but entrepreneurs are confident and believe in themselves and what they’re doing. They have the ambition and drive and will do whatever it takes to bring their products and services to the public because they truly believe it can solve a problem and make people’s lives better.
Ability to Take a Risk
Entrepreneurs aren’t afraid to take a leap of faith. Are they nervous? Sure, they are. But that doesn’t stop them from taking a risk, one that may pay off big time.
Adaptable and Flexible
Most people struggle with adaptability and flexibility, but not entrepreneurs. They want to create and have a successful business. Being rigid doesn’t cut it. Entrepreneurs welcome suggestions that may enhance and grow their business. And most importantly, keep their customers satisfied and coming back for more.
Continue Their Education
Some entrepreneurs have both formal and informal education. But one thing’s for certain: they never stop learning. They read books, attend conferences, and may even be a part of a mastermind group. The right education matters.
When you build a business from the bottom up, you may have limited resources, from time and money to relationships. Effective planning includes having a business plan in place, but remaining open to dealing with unforeseen obstacles and possibilities. It’s pretty important as far as entrepreneur characteristics go.
Have the Right Connections
When you think of connections, do you think of your friends, colleagues, and neighbors? If these people have a tendency to complain, you won’t get far. Entrepreneurs seek out mentors and business coaches with more experience and extensive networks who can offer valuable advice. They surround themselves with people who possess the skills they need and can delegate tasks to so they can focus on growing their business.
Know Their Exit Strategy
Entrepreneurs know when to give up and move onto something else instead of continuing to waste time and money on a failing business. They understand that most famous entrepreneurs weren’t successful at their first attempt. However, they know when to cut their losses.
If you can’t ask yourself questions or “check yourself,” you may not make it as an entrepreneur. But if you can question why you want to work for yourself or work without clients, consider what it will take, and so on, you’re on your way to entrepreneurship.
Strong Understanding of Money Management
Successful entrepreneurs understand that it will take time for their business to become profitable. They understand that capital may be limited and should be used wisely. They know how to plan for present and future financial obligations. Just like in their personal lives, entrepreneurs have emergency funds. They have a handle on cash flow because it’s the most important part of their business.
Well, there you have it.
These are the most important characteristics of entrepreneurs.
How many do you relate to?
If you’ve answered all or at least three, it may be time to strike out on your own or at least putting a plan into action so that one day you can quit your day job.
If you prefer to be in control of how much you work (maybe only 10 minutes a day), where you work, how much you earn, and more, it may be time for you to embrace entrepreneurship. And why not? Don’t you deserve to call the shots in your life. You bet you do!
Entrepreneurs Who Work Regular Jobs May Feel Like Caged Animals
Because of the above entrepreneur characteristics, entrepreneurs may have a tough time working at a regular job. Why? Because they’re not typical employees. They’re used to doing their own thing and don’t like to be micromanaged; looking over their shoulders doesn’t work for them. They most likely have a boatload of education, both formal and informal, and they may have some pretty awesome connections.
Entrepreneurs also understand that status quo doesn’t work. After all, nothing is more annoying than hearing someone say, “We’ve always done it that way.” Really? How’s that working? It’s probably not.
And let’s not forget that working the standard 9 to 5 work day as well as having to go into an office doesn’t work for most entrepreneurs. Like it or not, remote work has become the norm and an expected perk.
If you find that you’re entrepreneurial and want to break into freelance writing, for example, it’s time to put an exit plan into motion so you can quit your day job. And the best part is, you can work as little as 10 minutes a day by writing and sending emails. But don’t be fooled ! You will have to do the work. Your fairy godmother or godfather won’t show up and write emails for you, that’s your job.
If you’ve gotten this far and are fired up about embracing your entrepreneurial spirit, go ahead and check this out: